Direct Tax Collection: Government’s income of 10.82 lakh crores, know how much tax collection

by

Net direct tax collection

Income tax and ITR have been very much discussed for the last few days. While the deadline to file ITR has passed and taxpayers are now discussing the refund. On the other hand, the discussion has also started about how much income tax earned from the government’s income tax. According to the data released by the government, the current financial year has seen more than 9 percent increase in direct tax collection. At the same time, the earnings figure has come to about 11 lakh crore rupees. According to the information, tax collection has increased due to increase in advance tax and decrease in refund. Let us also tell you what kind of figures have been released by the government.

Tax collection data issued by government

  1. Direct tax collection has seen good increase. In the current financial year, it increased by 9.18 percent to more than 10.82 lakh crore rupees so far.
  2. Tax collection has increased due to increase in advance tax collection from companies and slow refunds. Net Direct Tax Collection collections include personal income tax and corporate tax.
  3. There has been a huge decline in the refund in the current financial year. According to the data, the refund amount declined by 24 per cent to Rs 1.61 lakh crore between April 1 and September 17.
  4. According to the Income Tax Department, the advance tax collection received from companies during this period increased by 6.11 percent to more than Rs 3.52 lakh crore.
  5. On the contrary, seeing the drastic decline in non-corporate advanced tax collections. According to the data, non-corporate advanced tax collection declined by 7.30 percent to Rs 96,784 crore.
  6. Between April 1 and September 17, the net company tax collection increased to more than Rs 4.72 lakh crore. It was Rs 4.50 lakh crore in the same period of 2024.
  7. Non-corporate tax collection was about 5.84 lakh crore rupees so far in this financial year, which is more than 5.13 lakh crore rupees for the same period last year. This includes individual and HUF (Hindu undivided family).
  8. Security Transaction Tax (STT) collection stood at Rs 26,306 crore in the period under review, which was Rs 26,154 crore in the same period a year ago.
  9. Net Direct Tax Collection increased by 9.18 percent to Rs 10.82 lakh crore till 17 September. A year ago it was more than Rs 9.91 lakh crore.
  10. Before adjusting the refund, the gross direct tax collection was more than Rs 12.43 lakh crore till 17 September in the current financial year, which is 3.39 percent more than the same period a year ago.

What is the target of the government’s tax collection

By the way, the target of direct tax collection from the government has been kept quite large. The country’s Finance Minister Nirmala Sitharaman, while presenting the budget for the current financial year, had informed that the government has estimated the direct tax collection to be Rs 25.20 lakh crore in FY 2025-26, which is 12.7 percent more than last year. The government’s goal is to raise Rs 78,000 crore through STT in this financial year.

Leave a Comment